According to Gelsinger, spinning off Intel Foundry as a fully independent subsidiary will enable it to evaluate independent funding sources. The decision was made days after Gelsinger and other executives met with Intel’s board of directors to assess the future of the company.

Chip giant Intel ( INTC -8.80%) has lagged behind market leader Nvidia and rival Advanced Micro Devices in the AI accelerator market. As Nvidia churns out more than $26 billion of data center revenue each quarter and AMD remains on track to sell $4.5 billion worth of AI accelerators this year, Intel finds itself in a distant third place.

Intel stock (NASDAQ: INTC) is trading at about $19 per share, its lowest point in over a decade. Could the stock rise by over 3x per share in the next few years? Does this sound a bit ridiculous? Consider this - Intel stock was trading at levels of about $60 per share just about three years ago.